Exhibit 10.15
DIRECTOR RETIREMENT BENEFITS AGREEMENT
This Director Retirement Benefits Agreement is made and entered into as of
January 15, 2003, by and among Xxxxxx Financial Corporation ("DFC"), Xxxxxx
Savings and Loan Association, F.A. ("DSLA") and Xxx Xxxxxx ("Xxxxxx").
The parties agree as follows:
1. Xxxxxx will retire from the Boards of DFC and DSLA effective February 28,
2003.
2. Until his retirement, Xxxxxx will continue to serve on both Boards and be
compensated for his service according to the scheduled Board fees.
3. Any 2003 Board fees paid in advance to Xxxxxx will be pro-rated through
February 2003.
4. For 26 consecutive months commencing in March 2003 and continuing through
April 2005, DFC and/or DSLA (collectively "Xxxxxx") will pay Xxxxxx
$4,416.66 per month as supplemental director retirement benefits.
5. For 60 consecutive months commencing in May 2005 and continuing through
April 2010, Xxxxxx will pay Xxxxxx $3,055.55 per month, consistent with the
current retirement benefits provided to directors.
XXXXXX FINANCIAL CORP.
By: /s/ Xxx Xxxxxxxxx /s/ Xxx Xxxxxx
----------------- ---------------
Its: President Xxx Xxxxxx
XXXXXX SAVINGS AND LOAN
ASSOCIATION, F.A.
By: /s/ Xxx Xxxxxxxxx
-----------------
Its: President
